{"id":54413,"date":"2023-08-29T11:39:55","date_gmt":"2023-08-29T15:39:55","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/vinfast-rallies-on-after-becoming-worlds-third-most-valuable-automaker\/"},"modified":"2023-08-29T11:39:57","modified_gmt":"2023-08-29T15:39:57","slug":"vinfast-rallies-on-after-becoming-worlds-third-most-valuable-automaker","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=54413","title":{"rendered":"Vinfast rallies on after becoming world’s third-most valuable automaker"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: The logo of VinFast is pictured at the 2022 Paris Auto Show in Paris, France October 17, 2022. REUTERS\/Stephane Mahe\/File Photo<\/span>
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(Reuters) -Shares of Vietnamese electric-vehicle maker Vinfast surged 21% on Monday, extending a rally from last week that more than quadrupled its market value to $160 billion.<\/p>\n

The company made a blowout debut on Wall Street this month and has quickly grown in valuation to become the third-most valuable automaker – only behind Tesla (NASDAQ:) and Toyota.<\/p>\n

But Vinfast’s small amount of publicly available shares has made the stock prone to volatility, with shares jumping or slumping more than 14% in 11 of the past 12 sessions. <\/p>\n

The stock was on track to add nearly $33.6 billion to its market capitalization, based on a share price of $83.33.<\/p>\n

Vinfast’s shares were among the most actively watched on Stocktwits, a popular website with retail investors.<\/p>\n

Vinfast is almost entirely controlled by Pham Nhat Vuong, Vietnam’s richest man and founder of parent conglomerate Vingroup, with a stake of about 99.7%, according to a filing. <\/p>\n

Despite the market enthusiasm, Vinfast faces a long road before it can start competing meaningfully with Tesla and legacy automakers that are pouring billions of dollars to grab a share of the EV market.<\/p>\n

Only 137 Vinfast EVs were registered in the United States through June, according to S&P Global Mobility. <\/p>\n

The firm is also entering the U.S. and European markets at a time when EV demand is slowing and Tesla has waged a price war to defend its dominance. <\/p>\n

Vinfast expects to sell as many as 50,000 electric vehicles this year, compared with Tesla’s projection to deliver 1.8 million cars.<\/p>\n

To drive sales, Vinfast is breaking away from the direct-to-consumer approach used by Tesla and turning to dealers. The company is also building a $4 billion factory in North Carolina. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: The logo of VinFast is pictured at the 2022 Paris Auto Show in Paris, France October 17, 2022. REUTERS\/Stephane Mahe\/File Photo (Reuters) -Shares of Vietnamese electric-vehicle maker Vinfast surged 21% on Monday, extending a rally from last week that more than quadrupled its market value to $160 billion. The company made […]<\/p>\n","protected":false},"author":1,"featured_media":2857,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-54413","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nVinfast rallies on after becoming world's third-most valuable automaker | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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